Over The Fiscal Cliff: Soft Or Hard Landing?

If US falls off 'fiscal cliff,' economy could get soft landing _ or dizzy dive onto the rocks

Republicans and Democrats alike say they are doing what the voters back home want.

Neither side has a clear advantage in public opinion. In an Associated Press-GfK poll, 43 percent said they trust the Democrats more to manage the federal budget deficit and 40 percent preferred the Republicans. There's a similar split on who's more trusted with taxes.

About half of Americans support higher taxes for the wealthy, the poll says, and about 10 percent want tax increases all around. Still, almost half say cutting government services, not raising taxes, should be the main focus of lawmakers as they try to balance the budget.

When asked about specific budget cuts being discussed in Washington, few Americans express support for them.

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THE COUNTDOWN

Time for deal-making is short, thanks to the holiday and congressional calendars. Some key dates for averting the fiscal cliff:

â¿¿ Lawmakers didn't begin returning to the Capitol until Thursday, leaving less than a week to vote on a compromise before year's end.

â¿¿ Obama returned Thursday from his Christmas vacation in Hawaii. The president asked congressional leaders to the White House Friday to try to resolve the fiscal cliff.

â¿¿ If lawmakers reach Dec. 31 without a deal, some economists worry that the financial markets might swoon.

â¿¿ The current Congress is in session only through noon Eastern time on Jan. 3. After that, a newly elected Congress with 13 new senators and 82 new House members would inherit the problem.